India: Sponge iron demand remains limited despite lower offers - 22 Jan

• Lacklustre buying seen in semis segment
  
  
• Market sentiments remain cautious
  
  

India's sponge iron market experienced a further correction today, with prices falling by INR 50-200/t d-o-d. Despite the lower offers, buying activity remained subdued, reflecting cautious market sentiment.

PDRI prices stood at INR 22,900-25,400/t today, while CDRI offers were assessed at INR 25,350-30,000/t.

Deals for about 8,250 t of sponge iron were recorded today compared to 9,750 t on 21 January.

Rationale

Prices have been derived based on data sets of transactions, offers, bids, and indicative prices. Transactions are considered as T1 and given a weightage of 50%, whereas other data sets are considered T2 and given a weightage of the balance 50%.

Click here for detailed methodology